SEOUL, Jan. 2 (Korea Bizwire) — The finance ministry was formally divided into two separate ministries on Friday, with a newly established body taking over the government’s budget planning functions. Under a government reorganization, the ministry was divided into the Ministry of Economy and Finance and the newly established Ministry of Planning and Budget, which [...]
SEOUL, Jan. 2 (Korea Bizwire) — The head of South Korea’s main bourse operator vowed Friday efforts to upgrade the country’s capital market by extending trading hours and strengthening crackdowns on unfair trading practices. Jeong Eun-bo, the chairman of the Korea Exchange (KRX), made the remarks at an event celebrating the first trading day of [...]
SEOUL, Jan. 2 (Korea Bizwire) — Deceptive and exaggerated online advertising is proliferating in South Korea, fueled by weak pre-screening rules, limited enforcement capacity and the rapid spread of artificial intelligence tools that make fake claims harder to detect, according to government officials and regulators. Across platforms such as YouTube, Instagram and TikTok, consumers are increasingly [...]
SEOUL, Dec. 31 (Korea Bizwire) — The head of South Korea’s data protection regulator said Wednesday that Coupang should come up with compensation acceptable for victims of its massive data leak amid strong backlash against the online retailer’s offer of vouchers and discounts. Song Kyung-hee, head of the Personal Information Protection Commission, made the call [...]
SEOUL, Dec. 31 (Korea Bizwire) — South Korea is set to fully ban its decades-old controversial practice of bear bile farming next year, according to officials Wednesday, although about 200 bears are still in captivity. Since 1981, South Korea has allowed the import and breeding of bears in an effort to boost income for farmers [...]
SEOUL, Dec. 31 (Korea Bizwire) — A broader swath of South Korean companies will soon be required to file regulatory disclosures in English, a move aimed at opening the country’s capital markets further to foreign investors, even as a newly enacted pro-labor law is set to raise compliance risks for businesses. Beginning May 1, the Financial [...]
SEOUL, Dec. 31 (Korea Bizwire) — The Fair Trade Commission (FTC) said Wednesday it has imposed fines totaling 93.5 billion won (US$64.8 million) on three construction companies and CJ Group for illegal inter-subsidiary transactions. The FTC said it fined Daebang Construction Co., JungHeung Construction Co., Woomi Co. and CJ Group, and referred them to the [...]
SEOUL, Dec. 31 (Korea Bizwire) — Coupang disclosed the results of its controversial internal probe into a massive data breach directly to U.S. regulators without prior coordination with the South Korean government, according to filings reviewed Tuesday. In a submission to the U.S. Securities and Exchange Commission dated Monday, the U.S.-listed e-commerce giant said that [...]
SEOUL, Dec. 30 (Korea Bizwire) — South Koreans will be able to easily read the Rodong Sinmun, North Korea’s main newspaper, at designated facilities and major public libraries, starting Tuesday, according to the unification ministry. The public will be able to easily access the Rodong Sinmun, like general publications, at around 20 facilities, as the newspaper [...]
SEOUL, Dec. 30 (Korea Bizwire) — South Korea’s semiconductor industry is pushing back against political calls to relocate the massive Yongin semiconductor cluster away from the Seoul metropolitan area, warning that any abrupt change to the project could disrupt investment plans and undermine the country’s global competitiveness in chips. The concerns come after Kim Sung-hwan, the [...]